Resolution 18-99 TIF 8

BE IT RESOLVED by the City Council (the “Council”) of the City of Mountain Iron, Minnesota (the “City”), as follows:

Section 1. Recitals.

1.01 The Council has been informed that the Housing and Redevelopment Authority in and for the City of Mountain Iron, Minnesota (the “Authority”), desires to promote development of property located in the City.

1.02 In order to promote such development, the Authority has established Redevelopment Project No. 1 in the City (the “Project”) in the City and has adopted a Modified and Restated Redevelopment Plan (the “Redevelopment Plan”) therefor pursuant to Minnesota Statutes, Sections 469.027, 469.028 and 469.029, subdivision 5 (collectively, the “Act”).

1.03 The Authority is considering a modification to the Tax Increment Financing Plan (the “TIF Plan”) for Tax Increment Financing District No. 8 (the “District”) within the Project pursuant to Minnesota Statutes, Sections 469.174 through 469.179 (the “TIF Act”).

1.04 The Authority has informed the City that the only modification to the TIF Plan is elimination of parcels shown on Exhibit A to this Resolution from the District in order to include such parcels in new Tax Increment Financing District No. 11 of the Authority.

1.05 The Authority has additionally informed the City that the current net tax capacity of the parcels to be eliminated from the District equals or exceeds the net tax capacity of those parcels in the District’s original net tax capacity and, notwithstanding Section 469.177, subdivision 1 of the TIF Act, the original net tax capacity of the District will be reduced by no more than the current net tax capacity of the parcels to be eliminated from the District.

Section 2. Approval. The modification to the TIF Plan is approved. The Authority has agreed to notify the St. Louis County Auditor of the modification to the TIF Plan.

Duly Adopted this 7th day June, 1999.

EXHIBIT A

PARCELS TO BE REMOVED FROM

TAX INCREMENT FINANCING DISTRICT NO. 8

175-0065-00580